Todd River Resources (ASX:TRT) have intersected massive sulphides at their Mount Hardy copper-zinc project in the Northern Territory.
The company are midway through a drilling campaign at the project and have hit a broad 24 meter interval of base metal sulphides from 185m - 209m downhole.
While the results reported today are only portable XRF readings of the drill cores, the initial findings of 2% copper, 2.4% zinc and 0.9% lead have been enough to stir the share-price out of the doldrums. The same drill hole also showed a slightly lower zone with results of an 8 meter interval at 4.6% copper, 2.3% lead and 5.8% zinc.
Shares are up a whopping 30% in morning trading as investors eyed the very low AUD$7 million market cap and potential for growth if further results impress. The company awaits laboratory results on the assays.
Todd River Resources holds a large metals exploration portfolio in the Northern Territory. The company was formerly a subsidiary of ASX listed TNG Ltd and was spun out in 2016 to allow TNG to concentrate on its Mount Peake poly-metallic resource while bringing value to TRT’s exploration assets. TRT’s portfolio includes the Manbarrum Zinc project with a JORC resource of 22.5 Mt @ 1.8% Zinc, as well as a number of other exploration projects.